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$10,000 Giveaway - QLD Government has announced

The Queensland Governernment has announced that they will provide a $10,000 grant for new homes being built - and you don't have to be a First Home Buyer

Queensland Building Boost Grant - Available from the 1st August 2011 to 31st January 2012

Not just for first home buyers - applies to anyone buying or building a new home (house, townhouse or unit) to live in or as an investment for less than $600,000.

Can be for owner occupiers or investors or corporations

This is good news for first home owners who are looking to buy or build a new home to live in as they may be eligible for a bonus of $17,000.00 – the First Home Owners Grant and the Building Boost Grant.

This is also good news for property investors as a corporation may apply for the building boost grant as well as individuals.

May qualify for the Queensland Building Boost Grant – an extra $10,000

First Home buyers may be eligible for $17,000 - $7,000 (First Home Owners Grant) + $10,000 (Queensland Building Boost Grant) = $17,000

Stamp duty for existing properties - from the 1st August 2011 to 31st January 2012

Currently if you purchase a property in Queensland as an owner occupier you are eligible to pay less purchase stamp duty than you would if you were purchasing the property as an investor.

From the 1st of August 2011 this will change and you will pay the same stamp duty regardless of it being owner occupied or as an investment property.

The amount of stamp duty payable for properties with a purchase price of less than $550,000.00 will generally be lower to take into account the removal of the home concession rate.

Currently if you purchased a property for $400,000 as an owner occupier the purchase stamp duty would be $5,250 compared to an investor who would pay $12,425

From the 1st of August the stamp duty on a $400,000 property would be $11,825 for owner occupiers and investors.

First Home Buyers however will be eligible for full stamp duty concessions up to a purchase price of $509,999.99 and for purchase prices over this amount there will be a concession worked on a sliding scale up to a purchase price of $599,999.99.

A key point to remember is that the applicable stamp duty and to be eligible to apply for the Queensland Building Boost is based on the date you sign a contract or enter in to a building contract.

If you are looking to purchase or build a new home now is the time you should carefully consider the timing of your purchase.

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